How Wealthy Foreigners and Greedy Africans Bleed the Continent


A study published by the Association of Concerned Africa Scholars details how the illicit siphoning of billions of dollars abroad by foreign investors and African leaders has impoverished Africans for 40 years.

 

Estimates of illicit capital outflows range from U.S. $854 billion to $1.8 trillion between 1970 and 2008. Even if only the capital transferred abroad between 2000 and 2008 had been invested domestically, the average rate of poverty reduction could have been 4 to 6 percentage points higher per year. Adding 4 to 6 percentage points to the current rate of poverty reduction would allow most African countries to reach the Millennium Development Goal of halving poverty by 2015. Instead, only a handful of countries will reach this goal.


Bye Bye money: Africa loses billions that could be used for development.

  • Africa:  Rich Presidents, Poor Nations and Capital Flight

    Association of Concerned Africa Scholars, 20 November 2012

    Recently some African presidents have featured in media headlines not for their heroic accomplishments as leaders but for robbing their nations and siphoning their ill-gotten gains ... read more »

  • Africa:  Company Tax Incentives Cost Africa Millions

    TrustMedia, 20 November 2012

    The African Tax Administration Forum has embarked on a campaign to review tax incentives, which most African countries have agreed with multinational companies. read more »

  • Africa:  Tax Havens - An Emerging Challenge to Africa's Development Financing

    Association of Concerned Africa Scholars, 20 November 2012

    The term 'tax haven' is a bit of a misnomer because they are not just about tax, but about a whole range of other things too. There is no generally agreed definition of what a tax ... read more »

  • Africa:  Capital Losses, What Can Be Done?

    AfricaFocus, 20 November 2012

    "Both rich countries and Africa suffer from a global system of financial secrecy, in which rich individuals and large companies hide income and assets from public scrutiny and from ... read more »

  • Africa:  Debt Audits and Debt Repudiation

    AfricaFocus, 20 November 2012

    "Repudiation of odious debt, if properly implemented, is selective rather than indiscriminate. Creditors who lend in good faith for legitimate projects have no reason to fear a ... read more »

  • Cameroon:  Thoughts On 30 Years of Biya Power in Cameroon

    Fahamu, 8 November 2012

    Paul Biya's three decades in power have been marked by political repression, official corruption, poverty and many other ills. But the people have not looked on passively. The ... read more »

  • Africa:  Africa Warned Over Capital Flight

    The New Times, 6 November 2012

    African countries that are desperately in need of mobilising more resources to finance economic growth should focus on economic stability in order to build investor confidence in ... read more »

  • Tanzania:  State Urged to Act On 'Capital Flight'

    Tanzania Daily News, 2 November 2012

    THE government was asked to seek the World Bank's support to recover Tanzania's money in billions of dollars deposited abroad by dishonest people including prominent politicians. read more »

  • Tunisia:  Fight Against African Capital Flight Looked At

    Tunis Afrique Presse, 16 October 2012

    President Mohamed Moncef Marzouki received, on Tuesday, former South African President (1999-2008) and United Nations High Level Group Chairman Thabo Mbeki, the Presidency of the ... read more »

  • Africa:  Measuring African Capital Flight

    Fahamu, 22 December 2011

    Africa is bleeding money, as capital flows into the private accounts of African elites and their accomplices in Western financial centres,' write Léonce Ndikumana and James ... read more »

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